UK Prime Minister Andy Burnham has named John Healey as chancellor of the exchequer (the UK's top economic post, responsible for the national budget and tax policy), passing over widely expected frontrunners Ed Miliband and Shabana Mahmood. Healey, a former defence secretary with junior Treasury experience under Tony Blair, is regarded as a pragmatic loyalist rather than an economic ideologue — a quality that analysts say makes him easier to manage but leaves his broader economic outlook largely unknown. Markets responded positively to the appointment, with shares in Britain's largest defence companies rising by an estimated £4 billion, reflecting expectations that Healey will approve increased defence spending.